Ardlamy Farm, covering 750 acres on the south-west corner of the island off the Kintyre Peninsula, is being offered for let due to the retirement of the current tenant farmer.
Available from May this year, the tenancy is already attracting considerable interest, according to property firm Bidwells, who are handling the letting on behalf of the island's owners, the Isle of Gigha Heritage Trust.
Seven miles long by a mile-and-a-half wide, Gigha has a population of 156 people. It transferred to the ownership of the Trust in March 2002 following a successful community buyout when the former laird put it up for sale.
Margaret McSporran, chair of the Isle of Gigha Heritage Trust, said: "The Isle of Gigha has a long history of dairy farming and we also have a vibrant community, an outstanding setting in the Inner Hebrides and offer an enviable opportunity to enjoy a truly unique island lifestyle."